Kuala Lumpur, Jan 25: Darwinbox, a growing HR tech platform, marks another milestone with a $72 million funding round led by Technology Crossover Ventures (TCV) along with participation from existing investors – Salesforce Ventures, Sequoia, Lightspeed, SCB 10X, JGDEV, Endiya Partners and 3One4Capital.
The company’s valuation post this round will cross the one billion mark and takes the total investment raised thus far by the company to over $110 million.
“I am delighted to back an outstanding team that is doing exactly that in a highly impactful, fast-evolving HR technology space and partner with them on their journey to global HCM leadership,” TVC General partner Gopi Vaddi said.
TCV is known for its investments in disruptive tech brands like Netflix, Facebook, Spotify, Airbnb, GoDaddy and Zillow.
Since the last fund raise from Salesforce Ventures 12 months ago, the company has grown 300 per cent in Southeast Asia.
It is expecting higher growth this year owing to enhanced demand for digital tools in the workplace post pandemic.
Founded in 2015, Darwinbox’s cloud based Human Capital Management (HCM) platform caters to HR needs across the entire employee lifecycle.
Their new-age product is powering digital HR for more than 1.5 million employees from 650 plus enterprises across the globe.
This includes fast growing unicorns (Zilingo, Zalora, Carousell, Tokopedia), leading enterprises (SBS Transit, Armstrong, EM Services, MatchMove, Funding Societies, Mitra Adiperkasa) and large conglomerates (JG Summit Holdings, Indorama, Wilmar and parts of Salim, Djarum and Century pacific groups) in the region.
They also serve leading global brands like Nivea, Starbucks, Dominos, T-Systems, AXA, Tokio, Cigna amongst others.
Darwinbox currently stands as the youngest and the only Asian-origin player on Gartner’s Magic Quadrant for HCM serving 1000+ employee enterprises.
It is also rated the highest globally on Gartner’s customer reviews platform, Peer Insights; racing ahead of global giants like SAP, Oracle and Workday – a position they secured on the back of innovative technology, deep understanding of market context, intuitive user experience and great customer traction.
“This investment energises our mission to continue building technology that enables organisations to unlock the highest potential of their people,” Darwinbox co-founder Jayant Paleti said.
“We have done this by building a product that puts employees squarely at the centre and crafting meaningful experiences for them.
“This has especially found resonance in this rapidly evolving world of work over the last two years with companies having to rethink how they attract, manage and retain their talent.”
The new funding will supercharge Darwinbox’s global expansion plan by allowing the company to accelerate its platform innovation agenda, strengthen its product, engineering and customer success teams along with scaling their go-to-market presence in multiple geographies.
The company is set to triple its team within a year aiming to add more than 100 plus team members in SEA across its Singapore, Kuala Lumpur, Jakarta, Manila and Bangkok offices.
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